My market area is Poinciana one of the fastest growing PUDs in the country located in Kissimmee,Fl. As of this morning there were 1434 homes on the market in our two zip codes ranging from $135,000 to $650,000. Twelve months ago there were approximately 250 homes on the market. Where have all the Buyers gone? Have they floated away? Or are they just letting out a deep breath after a hectic buying frenzy? Based on what I am seeing they are still here but spending more time weeding through all the overpriced properties trying to locate the Sellers that need to sale.
Poinciana like many other markets of affordable housing and strong rentals is over saturated with Investor owned properties. Investors who got into the game to late. Their initial plan of purchasing and flipping for a quick profit has now flopped. Their overpriced properties are easy to spot. The "For Sale" sign is sun baked and askew. The wildlife is running rampant through the jungle like yard. There are still lock boxes on the front door, garage door, water spicket, chain link fence and back door from Realtors who have tried and failed. As you pull up with your Buyers to show this "Brand new, cute doll house in excellent condition. Priced to sale!" with the "Motivated Seller. Bring all offers." the hostile neighbors armed with gardening tools confront you wanting the grass mowed and the garbage picked up. The Buyers wisely stay in the car and politely yell out the window "Think we'll pass on this one". Hey, they are in hurry there are 75 properties that meet their parameters and they want to see them all. So after a quick stop at the CITCO to put another $95 worth of gas in my SUV we head on down the road to the next "Pride of ownership shows" listing. To be continued.........................
your first!
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Bryant, looking foward to your next blog! Thanks for such good stuff!
Baltimore,MD